These days, the competition among banks is getting tough. It is not just about attracting customers, you also need to make sure to retain them. As per the studies, it is much easier to sell things to people who are already your customers and around 60-70% of them are successful. However, when it comes to selling a new customer, it comes with a success rate of 5-20%. This means, attracting new customers can be 5 times more expensive than retaining the existing ones. 

Thus, you must focus on maintaining your existing users which is quite simple with banking software. And, you can leverage fintech app development services for that. But, the question is how do you do that? Well! The best way to keep people using your app is to give them exactly what they need, along with great design, excellent customer service, and strong security.

Considering this, we have covered some best mobile app features that might help you in this article.

Mobile Banking App Market Landscape

In today’s digital and mobile-focused world, mobile technology is becoming more important. By January 2023, more than 34.74 million apps had been downloaded from digital banks that operate exclusively through their apps. 

According to a market research report by Statista, it is projected that by 2028, there will be 386.30 million users of neobanks, which are online-only banks. Another study revealed that 40% of consumers are considering switching to a digital-only bank because of the convenience of mobile banking.

Essential Features of Mobile Banking

Mobile banking apps are super useful and convenient for keeping track of your finances. So, what are the most important things that a great mobile banking app should have? Let us discuss:

Management of accounts

Mobile banking apps should include a feature that allows users to easily check their account balances and keep track of their transactions. This feature lets people track their spending patterns and even download the information to get a better understanding of their finances or share it with financial advisors. 

Ensure secure transactions

It is really important to keep things safe and secure, especially when it comes to using apps and making transactions. For that, you must have extra checks when logging in and doing transactions, like using your fingerprint or face to confirm it is really you. 

Further, making sure that all the information is encrypted so no one can read it except the right people is also a wise idea. This way, you can ensure that all your data and your app are safe and sound.

Fund Transfer

It is really important for banking apps on your phone to allow you to easily transfer funds. The newly released online-only banking apps also have this feature. This will make it simple for users to transfer money to other users or to transfer funds between your own accounts. Such apps can also let users do other things like pay bills or set up automatic payments. If your app has these features, people are likely to like using it.

A mobile deposit option

This feature gives the convenience to users to not visit the bank. With the mobile deposit feature, users can deposit money anytime just by using their phone. It is a convenient way to skip bank queues and saves valuable time. Adding this feature to your mobile banking app will give you an added rating from your customers.

Monitoring and budgeting

Most people like using apps that really help them to manage their finances. It is even much easier when these apps include features like budgeting tools, clear categories and insights. These tools not only help users responsibly manage your finances, but also facilitate keeping their finances under control.

A user-friendly interface

It is quite important for users to receive experiences that are tailored to their needs. This is why a user-friendly experience plays a great role in digital banking apps. Thus, your app should be designed in a way that gives users a feeling of relaxation. 

Alerts and Notification

A banking app must have a really important feature that sends users instant notifications about important updates. This is no doubt one of the best things about mobile banking apps. It should let users configure alerts for the entry and withdrawal of funds from your account. That way, users can identify any unusual activity in the app and report it right away. 

It can even notify users when  their account is running out of funds and upcoming bills, so users can manage finances efficiently and avoid any sort of late fees. This can help make the app more engaging and bring in more users. So, using push notifications is a good idea for your banking app.

Calculate your credit score

Many people prefer to keep a record of their credit scores. Thus, to improve your fintech app idea, you can add a feature that allows users to check their credit score. Well, this is quite important since it increases the chances for users to have their loan approved. 

As things are relatively expensive these days, people often need to take out loans to cover their expenses. This way, having a good credit score is important. You can even offer tools that help people check their credit scores and learn how to make them better. If you want your app to succeed, this feature is a must have to make informed decisions. 

Connecting third-party services

By connecting with other helpful tools like budgeting apps and financial advisors, mobile banking goes beyond just the basics. This means that users can easily bring in their banking information and make use of these added services.

Moreover, the banking app becomes even more useful when it includes services from other companies. This allows users to keep track of and control their money all in one place.

ATM/Branch Locator

When your app consists of a feature that allows users to find the closest ATM or bank branch, you are making it convenient for users. It will make it easy for them  to find places without any hassle. Apart from this, including this feature will help them to save time and avoid getting frustrated.

Build Feature-Rich Mobile Banking App With Apptunix

Nowadays, mobile banking has become more than checking the balance. Banks and financial institutions need a feature-packed mobile banking app to stay competitive. With the features mentioned in this article, you can make your app engaging and within your budget.

Whether you want to manage your account securely or use smart tools with AI, Apptunix is a leading fintech app development company. Our skilled experts are available to assist you at all times. So, get in touch with our developers if you would like to discuss an idea for a mobile app.